working w/NACA,on HOLD for princioal forbearance - Loan Modification Forum

whatdidigetinto · 07-08-2009, 10:12 AM

NACA submitted proposal 4/06/09,been calling every other week.Talked to David L about 2 weeks ago and was told my file is on hold for a possible principal forbearance.He said it can take a couple of weeks or maybe a few months!that they are trying to figure out how they are going to do it?I was wondering who else is on HOLD for a possible forbearance and how long did they tell you the wait can take?

pdsfoley · 07-08-2009, 10:31 AM

Were on "hold" also for principal forbearance...they have not figured out "legally" how they are gonna do the back end of these mods. They say they are working on that and expect to hear soon. It is actually like a silent 2nd...you still owe the the original amount but they put a part of it aside which comes due if you sell or refi.

whatdidigetinto · 07-08-2009, 11:43 AM

i wonder how long it's going to take for them to "figure it out"?

Cassietw · 07-08-2009, 01:36 PM

Ditto! I am on HOLD for a principal forebearance too! David L. told me a couple days ago they expect to have more data in 2 or 3 weeks! Per David, "these are RARE".....starting to wonder now.....feels like a shore story to me....this is really feaking me out!

Like they haven't had HOW many months to try and figure this out?!?!?!?!?1

whatdidigetinto · 07-08-2009, 02:50 PM

yea David said to call back maybe in about 3 weeks but that i could take a couple of months!

i think ii i can't get a mod that i can afford by the end of the year i will stop paying! i just can't do this anymore!i'm tired!tired of working so hard to pay soooooo much for this house!while i could be renting for half of what i'm paying!I hope the can "figure it out"before the end of the year!

Cassietw · 07-08-2009, 02:54 PM

I don't have that much time...I can't pay now and I just got the letter of intent...

whatdidigetinto · 07-10-2009, 10:36 AM

so it's only the 3 of us on here waiting for a principal forbearance?so would this be like the MHA program?

pdsfoley · 07-10-2009, 11:34 AM

I don't think the MHA program puts some of the principal "aside" I think they just go by the 31% of income....the principal forbearance...has to put some pricipal aside to make the payment affordable...as I said earlier though...you still owe the money but it doesn't come due till you either sell or re-fi.

Cassietw · 07-10-2009, 01:48 PM

I think everyone should send a fax/letter/email to Obama saying please give Countrywide/BofA the principal forbearance guidelines so they will take our Mod off HOLD and finish it!

Cassietw · 07-10-2009, 03:43 PM

Okay, so not being convinced that CW/BofA are waiting for the guidelines for principal forbearance, I did a little research....

Here is what I found.... Guidelines for a modification for Principal Forbearance were released by the Department of Treasury on March 4th, 2009.

On April 28th updates to the program were released....

So, can anyone (Moe,Evan, Andrew, ***, Other??) tell me what guideline they are actually waiting for? The guidelines are all over the internet! Part of it appears to be the 3 month trial payments. There is also an incentive to homeowners who make the payments on time each year up to 3 years to take $250.00 off the principal each year.(Not much but it is more than the $0.00 on my interest only loan for the last 4 1/2 years!)

I just wonder if the whole thing is a shore story to get us off their backs while they are backlogged, or is there truly some guideline that is lacking and making it so they cannot complete the mods....

MAXIE19 · 07-10-2009, 03:48 PM

I think they mean the software to run the actual numbers, since they are not manually doing the calculations. Those of us with EMC are going through the same issue where modifications are on hold while they await some type of tool technology to run the numbers.

Cassietw · 07-10-2009, 03:57 PM

Hmmm....Fannie Mae already has the NPV calculator that calculates the forbearance etc...and even re-works the amoritization..... I just don't see how a financial institute this large would need to wait for a calculator to figure this out......

jet-a · 07-10-2009, 04:02 PM

Quote:

Originally Posted by Cassietw

Okay, so not being convinced that CW/BofA are waiting for the guidelines for principal forbearance, I did a little research....

Here is what I found.... Guidelines for a modification for Principal Forbearance were released by the Department of Treasury on March 4th, 2009.

On April 28th updates to the program were released....

So, can anyone (Moe,Evan, Andrew, ***, Other??) tell me what guideline they are actually waiting for? The guidelines are all over the internet! Part of it appears to be the 3 month trial payments. There is also an incentive to homeowners who make the payments on time each year up to 3 years to take $250.00 off the principal each year.(Not much but it is more than the $0.00 on my interest only loan for the last 4 1/2 years!)

I just wonder if the whole thing is a shore story to get us off their backs while they are backlogged, or is there truly some guideline that is lacking and making it so they cannot complete the mods....

Regarding the the April update...I found this interesting:

Homeowners must offer (if qualified) the Hope for Homeowners while the trial period is going on.

I will be keeping my eye out for that!

Cassietw · 07-10-2009, 04:10 PM

It really just seems as though they drag their feet waiting for people to give up!

pdsfoley · 07-10-2009, 04:12 PM

What they told me was...they didn't have the "back end" of principal forbearance worked out....whatever that means.....They need to get THEIR bqckends moving!!!!

CW California · 07-10-2009, 10:16 PM

I think "back end" refers to how they are going to treat this or perhaps the verbage they need to wind up the principal forebearance when/if you sell the property?

pdsfoley · 07-10-2009, 10:37 PM

Yes CW....thats kinda how David L. explained it....I still thnk they need to get MOVING!!!

CW California · 07-10-2009, 10:41 PM

Quote:

Originally Posted by pdsfoley

Yes CW....thats kinda how David L. explained it....I still thnk they need to get MOVING!!!

He really is a decent guy isn't he. I hope he enjoys his week off next week. He's certainly earned it. My goal for the next week is not to leave him any voice mails. I just need to concentrate on getting NACA's email and getting NACA to respond to BofA.

pdsfoley · 07-10-2009, 10:49 PM

Yeah I'm taking a break from this house and going to Vegas Sun...I'm gonna try to NOT check my email....and try to somehow relax........I think the sun and ALCOHOL will help!!!! I emailed David's supervisor....he deserves to be noticed...I think he actually has a brain AND works for BAC....amazing!!!

pwrought · 07-11-2009, 02:13 AM

Hi guys,

I have been reading this principal reduction talk and I want to know a little more about it. I am going through a loan mod. with countrywide, but without NACA. They told me that principal reduction will never happen. I just want to know what is going on? Do you guys have the phone # for your negotiator David L.? I wish I could talk to him.

Thanks

pdsfoley · 07-11-2009, 08:08 AM

pwrought....its a principal forbearance not a principal reduction...in the forbearance some of the principal is put aside (sorta)so the payment is affordable, till you sell or re-fi. As far as anyone knows BAC/CW is NOT doing principal reductions. hope that helps

helpsavemyhome · 07-11-2009, 09:10 AM

We are also "on hold" for a principal forbearance. I hope they hurry up and figure out what they're going to go. I have been dealing with CW for 10 months now and owe 10 back payments, which is why I need the forbearance. I have already had to get one auction date postponed and the new one is coming in a few weeks. Honestly, it shouldn't be that difficult to figure out and get the ball rolling...

pwrought · 07-11-2009, 10:07 AM

What is principal forbearance? How it can help underwater loans? Why they are doing it? If you forbearance your principal you will have to pay when refi or sell, what would happen if you decide to pay off the home? Would you pay the total amount or the principal forbearance amount? I think this has a catch so countrywide makes More Money. Really confused.

pwrought · 07-11-2009, 10:18 AM

I did not pay my mortgage for 7 months now. I was in a payment forbearance for 3 and countrywide and was told that they would modify my loan. It did not happen and after the 3 months they told me that I would get foreclosed. I said that I would sue Countrywide for discrimination and end up in the VIP presidential office. I talked with Crystal Mcdonald and she is my negotiator. Countrywide is the worse bank I ever worked with. I hate the way they talk to you when you call the loss mitigation 669#. They told me that I should move out from my home to make the loan modification to go faster. Liers. I know that if I move they will lock. I want them to make me move so I can get some of the down payment I put in this house. After so many fights I guess I am doing a good job because I do not have any note of default yet and my house is not in foreclose. I will try anything as possible here in NV to fight back my foreclose. Even if I have to file bankrupcy I will. They will remember me. If after all this work I do not get an affordable loan, CW will regreat when they open my house and try to sell. I will break everything down. Just so tired to being put down and humilhated by this stupid bank. I want see if they will be able to sue me when I file bankrupcy. The sad part of all is I do not even have a credit card bill and my car is paid off. I just have this underwater home and a predatory loan on the top of it.

sandyg · 07-11-2009, 06:32 PM

Quote:

Originally Posted by Cassietw

I don't have that much time...I can't pay now and I just got the letter of intent...

Cassie,
I got my letter of intent in Dec 08. And my sale date is set for July 3, 2009. So it take a while for them to move forward on the foreclosure.

07-08-2009, 10:12 AM	#1 (permalink)
whatdidigetinto Senior Member Join Date: Apr 2008 Posts: 155 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	working w/NACA,on HOLD for princioal forbearance NACA submitted proposal 4/06/09,been calling every other week.Talked to David L about 2 weeks ago and was told my file is on hold for a possible principal forbearance.He said it can take a couple of weeks or maybe a few months!that they are trying to figure out how they are going to do it?I was wondering who else is on HOLD for a possible forbearance and how long did they tell you the wait can take?

07-08-2009, 10:31 AM	#2 (permalink)
pdsfoley Senior Member Join Date: Feb 2009 Posts: 416 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: working w/NACA,on HOLD for princioal forbearance Were on "hold" also for principal forbearance...they have not figured out "legally" how they are gonna do the back end of these mods. They say they are working on that and expect to hear soon. It is actually like a silent 2nd...you still owe the the original amount but they put a part of it aside which comes due if you sell or refi.

07-08-2009, 11:43 AM	#3 (permalink)
whatdidigetinto Senior Member Join Date: Apr 2008 Posts: 155 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: working w/NACA,on HOLD for princioal forbearance i wonder how long it's going to take for them to "figure it out"?

07-08-2009, 01:36 PM	#4 (permalink)
Cassietw Senior Member Join Date: Feb 2009 Location: Foothills-Los Angeles Posts: 486 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: working w/NACA,on HOLD for princioal forbearance Ditto! I am on HOLD for a principal forebearance too! David L. told me a couple days ago they expect to have more data in 2 or 3 weeks! Per David, "these are RARE".....starting to wonder now.....feels like a shore story to me....this is really feaking me out! Like they haven't had HOW many months to try and figure this out?!?!?!?!?1

07-08-2009, 02:50 PM	#5 (permalink)
whatdidigetinto Senior Member Join Date: Apr 2008 Posts: 155 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: working w/NACA,on HOLD for princioal forbearance yea David said to call back maybe in about 3 weeks but that i could take a couple of months! i think ii i can't get a mod that i can afford by the end of the year i will stop paying! i just can't do this anymore!i'm tired!tired of working so hard to pay soooooo much for this house!while i could be renting for half of what i'm paying!I hope the can "figure it out"before the end of the year!

07-08-2009, 02:54 PM	#6 (permalink)
Cassietw Senior Member Join Date: Feb 2009 Location: Foothills-Los Angeles Posts: 486 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: working w/NACA,on HOLD for princioal forbearance I don't have that much time...I can't pay now and I just got the letter of intent...

07-10-2009, 10:36 AM	#7 (permalink)
whatdidigetinto Senior Member Join Date: Apr 2008 Posts: 155 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: working w/NACA,on HOLD for princioal forbearance so it's only the 3 of us on here waiting for a principal forbearance?so would this be like the MHA program?

07-10-2009, 11:34 AM	#8 (permalink)
pdsfoley Senior Member Join Date: Feb 2009 Posts: 416 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: working w/NACA,on HOLD for princioal forbearance I don't think the MHA program puts some of the principal "aside" I think they just go by the 31% of income....the principal forbearance...has to put some pricipal aside to make the payment affordable...as I said earlier though...you still owe the money but it doesn't come due till you either sell or re-fi.

07-10-2009, 01:48 PM	#9 (permalink)
Cassietw Senior Member Join Date: Feb 2009 Location: Foothills-Los Angeles Posts: 486 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: working w/NACA,on HOLD for princioal forbearance I think everyone should send a fax/letter/email to Obama saying please give Countrywide/BofA the principal forbearance guidelines so they will take our Mod off HOLD and finish it!

07-10-2009, 03:43 PM	#10 (permalink)
Cassietw Senior Member Join Date: Feb 2009 Location: Foothills-Los Angeles Posts: 486 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: working w/NACA,on HOLD for princioal forbearance Okay, so not being convinced that CW/BofA are waiting for the guidelines for principal forbearance, I did a little research.... Here is what I found.... Guidelines for a modification for Principal Forbearance were released by the Department of Treasury on March 4th, 2009. On April 28th updates to the program were released.... So, can anyone (Moe,Evan, Andrew, ***, Other??) tell me what guideline they are actually waiting for? The guidelines are all over the internet! Part of it appears to be the 3 month trial payments. There is also an incentive to homeowners who make the payments on time each year up to 3 years to take $250.00 off the principal each year.(Not much but it is more than the $0.00 on my interest only loan for the last 4 1/2 years!) I just wonder if the whole thing is a shore story to get us off their backs while they are backlogged, or is there truly some guideline that is lacking and making it so they cannot complete the mods....

07-10-2009, 03:48 PM	#11 (permalink)
MAXIE19 Senior Member Join Date: May 2009 Posts: 265 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: working w/NACA,on HOLD for princioal forbearance I think they mean the software to run the actual numbers, since they are not manually doing the calculations. Those of us with EMC are going through the same issue where modifications are on hold while they await some type of tool technology to run the numbers.

07-10-2009, 03:57 PM	#12 (permalink)
Cassietw Senior Member Join Date: Feb 2009 Location: Foothills-Los Angeles Posts: 486 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: working w/NACA,on HOLD for princioal forbearance Hmmm....Fannie Mae already has the NPV calculator that calculates the forbearance etc...and even re-works the amoritization..... I just don't see how a financial institute this large would need to wait for a calculator to figure this out......

07-10-2009, 04:10 PM	#14 (permalink)
Cassietw Senior Member Join Date: Feb 2009 Location: Foothills-Los Angeles Posts: 486 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: working w/NACA,on HOLD for princioal forbearance It really just seems as though they drag their feet waiting for people to give up!

07-10-2009, 04:12 PM	#15 (permalink)
pdsfoley Senior Member Join Date: Feb 2009 Posts: 416 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: working w/NACA,on HOLD for princioal forbearance What they told me was...they didn't have the "back end" of principal forbearance worked out....whatever that means.....They need to get THEIR bqckends moving!!!!

07-10-2009, 10:16 PM	#16 (permalink)
CW California Senior Member Join Date: Feb 2009 Location: SoCal Posts: 1,127 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: working w/NACA,on HOLD for princioal forbearance I think "back end" refers to how they are going to treat this or perhaps the verbage they need to wind up the principal forebearance when/if you sell the property?

07-10-2009, 10:37 PM	#17 (permalink)
pdsfoley Senior Member Join Date: Feb 2009 Posts: 416 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: working w/NACA,on HOLD for princioal forbearance Yes CW....thats kinda how David L. explained it....I still thnk they need to get MOVING!!!

07-10-2009, 10:49 PM	#19 (permalink)
pdsfoley Senior Member Join Date: Feb 2009 Posts: 416 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: working w/NACA,on HOLD for princioal forbearance Yeah I'm taking a break from this house and going to Vegas Sun...I'm gonna try to NOT check my email....and try to somehow relax........I think the sun and ALCOHOL will help!!!! I emailed David's supervisor....he deserves to be noticed...I think he actually has a brain AND works for BAC....amazing!!!

07-11-2009, 02:13 AM	#20 (permalink)
pwrought Senior Member Join Date: Jan 2009 Posts: 88 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: working w/NACA,on HOLD for princioal forbearance Hi guys, I have been reading this principal reduction talk and I want to know a little more about it. I am going through a loan mod. with countrywide, but without NACA. They told me that principal reduction will never happen. I just want to know what is going on? Do you guys have the phone # for your negotiator David L.? I wish I could talk to him. Thanks

07-11-2009, 08:08 AM	#21 (permalink)
pdsfoley Senior Member Join Date: Feb 2009 Posts: 416 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: working w/NACA,on HOLD for princioal forbearance pwrought....its a principal forbearance not a principal reduction...in the forbearance some of the principal is put aside (sorta)so the payment is affordable, till you sell or re-fi. As far as anyone knows BAC/CW is NOT doing principal reductions. hope that helps

07-11-2009, 09:10 AM	#22 (permalink)
helpsavemyhome Senior Member Join Date: Dec 2008 Posts: 348 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: working w/NACA,on HOLD for princioal forbearance We are also "on hold" for a principal forbearance. I hope they hurry up and figure out what they're going to go. I have been dealing with CW for 10 months now and owe 10 back payments, which is why I need the forbearance. I have already had to get one auction date postponed and the new one is coming in a few weeks. Honestly, it shouldn't be that difficult to figure out and get the ball rolling...

07-11-2009, 10:07 AM	#23 (permalink)
pwrought Senior Member Join Date: Jan 2009 Posts: 88 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: working w/NACA,on HOLD for princioal forbearance What is principal forbearance? How it can help underwater loans? Why they are doing it? If you forbearance your principal you will have to pay when refi or sell, what would happen if you decide to pay off the home? Would you pay the total amount or the principal forbearance amount? I think this has a catch so countrywide makes More Money. Really confused.

07-11-2009, 10:18 AM	#24 (permalink)
pwrought Senior Member Join Date: Jan 2009 Posts: 88 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: working w/NACA,on HOLD for princioal forbearance I did not pay my mortgage for 7 months now. I was in a payment forbearance for 3 and countrywide and was told that they would modify my loan. It did not happen and after the 3 months they told me that I would get foreclosed. I said that I would sue Countrywide for discrimination and end up in the VIP presidential office. I talked with Crystal Mcdonald and she is my negotiator. Countrywide is the worse bank I ever worked with. I hate the way they talk to you when you call the loss mitigation 669#. They told me that I should move out from my home to make the loan modification to go faster. Liers. I know that if I move they will lock. I want them to make me move so I can get some of the down payment I put in this house. After so many fights I guess I am doing a good job because I do not have any note of default yet and my house is not in foreclose. I will try anything as possible here in NV to fight back my foreclose. Even if I have to file bankrupcy I will. They will remember me. If after all this work I do not get an affordable loan, CW will regreat when they open my house and try to sell. I will break everything down. Just so tired to being put down and humilhated by this stupid bank. I want see if they will be able to sue me when I file bankrupcy. The sad part of all is I do not even have a credit card bill and my car is paid off. I just have this underwater home and a predatory loan on the top of it.

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